Home / Knowledge / News / Apparel/Garments / G-III Apparel clocks 16.5% jump in Q1 FY'12 sales
G-III Apparel clocks 16.5% jump in Q1 FY'12 sales
05
Jun '12
G-III Apparel Group Ltd. announced operating results for the first quarter of fiscal 2013.

For the quarter ended April 30, 2012, G-III reported that net sales increased by 16.5% to $229.4 million, a record for its first fiscal quarter, from $196.9 million in the year-ago period.

The Company's net loss for the first quarter was $847,000, or $0.04 per share, compared to a net loss of $520,000, or $0.03 per share, in the prior year's comparable period.

Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said, "Our first quarter results met our expectations. We anticipate improved profitability for the full year as we expect input costs will moderate compared to prior year levels. Early booking trends for fall are good and give us confidence in our outlook for the full year."

Mr. Goldfarb continued, "We believe we have a clear strategic advantage for us that our major growth initiatives, across a variety of categories, are underpinned by some of the best brands in the world.

“We are building significant businesses in a number of important categories. We are creating several platforms that are expected to show operating margin improvements as we increase in sales volume. In addition, we plan to layer on additional brands to these platforms."

Mr. Goldfarb concluded, "We have successfully diversified our operations, aligned ourselves with powerful brands, and continued to drive efficiency. As a result of this strategy, we believe we have enhanced our ability to generate long-term value for our shareholders."

Outlook
The Company today reiterated its prior guidance for the full fiscal year ending January 31, 2013 and continues to forecast net sales of approximately $1.35 billion and net income of between $54.0 million and $56.0 million, or a range of $2.62 and $2.72 per diluted share.

The Company also continues to project EBITDA for fiscal 2013 to increase approximately between 11% and 15% to approximately $102.5 million to $106.0 million. EBITDA should be evaluated in light of the Company's financial results prepared in accordance with U.S. GAAP.

A reconciliation of EBITDA to net income in accordance with U.S. GAAP is included in a table accompanying the condensed financial statements in this release.

For its second fiscal quarter ending July 31, 2012, the Company is forecasting net sales of approximately $250.0 million compared to $230.0 million in the comparable quarter last year.

The Company is also forecasting net income for the second fiscal quarter between $800,000 and $1.6 million, or between $0.04 and $0.08 per diluted share, compared to net income of $1.6 million, or $0.08 per diluted share, in last year's second quarter.

G-III is a leading manufacturer and distributor of outerwear, dresses, sportswear and women's suits, as well as handbags and luggage, under licensed brands, our own brands and private label brands.

G-III Apparel Group Ltd

Must ReadView All

Textiles | On 23rd Mar 2017

South Korean Samil Spinning acquires Buhler Quality Yarns

South Korean yarn producer Samil Spinning has acquired US based...

Apparel/Garments | On 23rd Mar 2017

E-retailers to pay up to 1% TCS under GST

E-retail marketplaces will need to deduct up to 1 per cent tax...

Textiles | On 23rd Mar 2017

Lanxess to expand chemical intermediates capacity

The Advanced Industrial Intermediates business unit of German...

Interviews View All

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search